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Dec 7, 2012
12/12
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now, again, back to hurricane sandy. from the commissioner's statement, the storm we saw happen on october 29th, the next pay period ended on november 12th. the way bls essentially keeps score it says workers have to be off work for the entire pay period to be counted on the negative side. on the household survey side, persons who missed work for weather-related events are counted as employed whether or not they are paid for the time off. we did have a drop in the labor force participation rate, down 0.2 to 63.6%. how did we get to 7.7% unemployment? basically the number of unemployed persons dropped more than the number of employed and there were downward trends in both those categories. lots to chew on. back to you guys. >> hampton, thank you. we are kind of scratching our heads. let's get more reaction from our panel. mark zandi and jared bernstein are here with us. mark, what do you make of this number? we've set this up as numbers were not going to be things we watched closely because of sandy. >> i'd say two things
now, again, back to hurricane sandy. from the commissioner's statement, the storm we saw happen on october 29th, the next pay period ended on november 12th. the way bls essentially keeps score it says workers have to be off work for the entire pay period to be counted on the negative side. on the household survey side, persons who missed work for weather-related events are counted as employed whether or not they are paid for the time off. we did have a drop in the labor force participation...
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Nov 8, 2012
11/12
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there was snow, but nothing like sandy. we'll ask what it means for the energy market and consumers when we return. >>> the east coast got hit by another storm yesterday. while gas lines have eased up from hurricane sandy, motorists are still having trouble getting fuel in the hardest hit as you build a retail station, you could build in the wiring. all in all, while it's an expense, you can build it in to the base of the business if that's a standard for everybody. but if you don't make it a standard for everybody, then only a few will go out and do it and it won't help anything. >> sounds like regulation. but then i heard that there was regulation -- >> what's the cost, though? what's the pre-cost wire? >> you're probably less than $10,000 if you include the generator said. so it's not a huge cost, but this is a marginal business. >> we talked to the guy who represents the convenience stores that sell something like 75% or 80% of all the gasoline in this country and he said most of those convenience stores really make pen
there was snow, but nothing like sandy. we'll ask what it means for the energy market and consumers when we return. >>> the east coast got hit by another storm yesterday. while gas lines have eased up from hurricane sandy, motorists are still having trouble getting fuel in the hardest hit as you build a retail station, you could build in the wiring. all in all, while it's an expense, you can build it in to the base of the business if that's a standard for everybody. but if you don't...
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Nov 15, 2012
11/12
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we've also seen some problems along the east coast after sandy. there are a lot of issues along the supply chain that really need to be corrected perhaps before we get to these projections, even if we're able to produce as much oil as the international energy agency is saying, will we have the infrastructure to support it at that time before 2020? >> you're mentioning an important point here. infrastructure is needed. with our experience when you start to produce infrastructure will follow, so it's either we are investing as oil companies or we're asking oil companies to invest in the mid stream and to the downstream which is pipelines and terminals, refineries et cetera. i think these will come. clearly the company needs more infrastructure, like light oil or oil shale gas is not in the normal centers like we used to have at the gulf coast, et cetera, so therefore investments in pipelines, gas facilities and therefore also refineries will be very important but normally when the natural resources are there, the investments are coming. let me also
we've also seen some problems along the east coast after sandy. there are a lot of issues along the supply chain that really need to be corrected perhaps before we get to these projections, even if we're able to produce as much oil as the international energy agency is saying, will we have the infrastructure to support it at that time before 2020? >> you're mentioning an important point here. infrastructure is needed. with our experience when you start to produce infrastructure will...
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Nov 29, 2012
11/12
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. >> tom, right after sandy, a couple weeks ago or three weeks eeg y ago you were talking about sandy being twice the size of katrina but the wind speeds weren't as much and it wasn't going to affect all state. did you see christie and cuomo? are those real numbers? is that what they'd like to see from the feds or is it worse than what you thought on november 1st? itz's worse than what we thought out. it will cost us 1 billion 75 doll lars. it is a significant event. it's significant flooding. that's not typically konked by us but by the government if you buy their policy. unfortunately very few people buy coverage. so unfort flatly there's a bunch of people whose homes got wrecked and that's what cuomo and christie are seeking. our government has a hit of going back to the state and saying, sorry you didn't buy insurance, here's some money and they'll do it again. they're trying to negotiate as to how much they get. >> allstate's ceo tom wilson. we appreciate your time. >> thank you. >>> when we return, we'll have gene ludwig. he will be our special guest. also at the bottom of the h
. >> tom, right after sandy, a couple weeks ago or three weeks eeg y ago you were talking about sandy being twice the size of katrina but the wind speeds weren't as much and it wasn't going to affect all state. did you see christie and cuomo? are those real numbers? is that what they'd like to see from the feds or is it worse than what you thought on november 1st? itz's worse than what we thought out. it will cost us 1 billion 75 doll lars. it is a significant event. it's significant...
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Nov 26, 2012
11/12
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. >> we've been watching what's happened with superstorm sandy. we know the red cross has been one of the organizations that has risen to the forefront of this movement to try and help people. what happened in terms of charitable giving for superstarm sandy? >> my heart goes out to the people affected by superstorm sandy. i have talked to so many people who have lost everything including loved ones and it's just heartbreaking and i also want to thank our generous donors. they've stepped up and we're doing everything possible to put their hard earned dollars to work. this has been a massive operati operation. we've served 7.3 million meals and snacks in four weeks. in terms of how it will impact giving we recently did a survey and what we learned is that three out of four people who donated to hurricane sandy will continue to step up during the holiday and donate to their favorite charity and 90% of the people that provided political contributions plan to donate to charities as well which was very heartwarming because i know that everyone in the no
. >> we've been watching what's happened with superstorm sandy. we know the red cross has been one of the organizations that has risen to the forefront of this movement to try and help people. what happened in terms of charitable giving for superstarm sandy? >> my heart goes out to the people affected by superstorm sandy. i have talked to so many people who have lost everything including loved ones and it's just heartbreaking and i also want to thank our generous donors. they've...
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Oct 30, 2012
10/12
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sandy still packing a punch. more than 7 million people currently without power from north carolina through connecticut. there are more than 2 million people in new jersey alone without power today. we'll get an update on the you power situation in new jersey with the president of pse&g, they have 1.2 million customers without pow person by the way, the president is just declaring a state of emergency in new york city. this is something that will free up more federal funds for people here in long island and in new york city and we will have more on that in just a moment. also coming up in the next half hour, we have delaware governor jack markell. we'll get his assessment of the damage to his state and dennis gartman will talk energy and commodity trading. >> lots of damage to report in the new york city area, more than 50 homes were destroyed by fire last night in breezy point queens. just east of cone any islands, more than 170 firefighters were on the scene. and separately more than 200 patients were evacuated
sandy still packing a punch. more than 7 million people currently without power from north carolina through connecticut. there are more than 2 million people in new jersey alone without power today. we'll get an update on the you power situation in new jersey with the president of pse&g, they have 1.2 million customers without pow person by the way, the president is just declaring a state of emergency in new york city. this is something that will free up more federal funds for people here...
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Nov 30, 2012
11/12
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and a lot of companies were saying it was just superstorm sandy. it shut down the stores in some cases or kept consumers at bay. how do you think we will fare to the holidays? >> yesterday was big day for retail. those that roar yesterday, genuinely speaking had poor numbers. we knew it was the hurricane. we knew it would be weak. you know. it was supposed to be adjusted in the expectations. numbers came in way below expectations. some of the stocks got hammered, macy's, kohl's. we are trying to make sense of what that means. we when you go through each retailer in the numbers, really the first half -- businesses really slowed. first two weeks. anything we think of, not the hurricane itself. must have been the concern, you know, about the hurricane and people watching tv. people focused on that. also, you know, with the election people focused on that. you know. so the first two weeks are weak. last two weeks seem to come back and be fairly decent. >> so you think that for the holiday shopping season, that the -- better trend will continue? where d
and a lot of companies were saying it was just superstorm sandy. it shut down the stores in some cases or kept consumers at bay. how do you think we will fare to the holidays? >> yesterday was big day for retail. those that roar yesterday, genuinely speaking had poor numbers. we knew it was the hurricane. we knew it would be weak. you know. it was supposed to be adjusted in the expectations. numbers came in way below expectations. some of the stocks got hammered, macy's, kohl's. we are...
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Nov 14, 2012
11/12
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have to do redo sandy. what were the things that should've happened in advance of the storm knowing it was coming. >> i think when you have storms of this nature, the key is not preparing the day before, but preparing well in advance. we were involved in the aftermath of katrina and some of the storms that hit in '05, and you look back on those experiences and it's very difficult the day before to figure out what to do. and while i think particularly here there was a lot of planning in advance, it's not untypical to avoid thinking about the unthinkable. >> right. >> it's happened in many situations. >> real quick. politically, we keep talking about the politics of the fiscal cliff and all of this, but the politics of energy in this country, do you think that 2020 prediction is ultimately going to be right. do you see the administration now they've been reelected doing the things that you think will actually get us there? yes, no, where are you? >> i'm skeptical as to whether we'll actually reach that goal.
have to do redo sandy. what were the things that should've happened in advance of the storm knowing it was coming. >> i think when you have storms of this nature, the key is not preparing the day before, but preparing well in advance. we were involved in the aftermath of katrina and some of the storms that hit in '05, and you look back on those experiences and it's very difficult the day before to figure out what to do. and while i think particularly here there was a lot of planning in...
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Dec 5, 2012
12/12
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you have fiscal cliff, you have hurricane sandy. are you optimistic about what's happening in the economy if you take out the potential shocks? >> i don't think we make any change at all. i think the job market is producing 150,000 jobs per month, that's what we've been producing since the beginning of the year, over the past year, past two years, some months we're a little lower, higher, sometimes seasonal adjustment. if you take this month's number and x out sandy, that's over 200,000. >> that will add some jobs, that's not a fair comparison. >> so 200,000 minus 60 is 150 -- >> so you're right there. >> i don't think the economy has chang chang changed deappreciably over the last year. >> well, i think coming into friday's number, we're a little -- we don't think there's 80,000 worth of impact, might be closer to 40,000 or 50,000. whatever, there's been an impact and i agree with mark's point, 1 in about 150,000 job creation in the economy and i don't know that meaningfully changes. but i would say, if anything, the bias next year
you have fiscal cliff, you have hurricane sandy. are you optimistic about what's happening in the economy if you take out the potential shocks? >> i don't think we make any change at all. i think the job market is producing 150,000 jobs per month, that's what we've been producing since the beginning of the year, over the past year, past two years, some months we're a little lower, higher, sometimes seasonal adjustment. if you take this month's number and x out sandy, that's over 200,000....
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Nov 13, 2012
11/12
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this is a company that's now past the sandy cliff and is going to start benefiting from it. i find cliffs everywhere. and this is a good company that did great. >> i want to hear from you on jcpenney, cramer. he's very good. i thought, you know what? if he's got enough time, maybe it works. i don't know as you're bleeding. >> you have to look at it on a consolidated basis. 89% of it is hideous and terrible. 11% as we learned from andrew ross sorkin today is terrific. if you look at consolidated, it means it's fabulous, doesn't it? >> could it be? >> remember at our conference last summer? july, i had ackman on a panel. articulate. gave a real case. was totally behind mr. johnson and his strategy and the stock soared from there over the next couple of months only to collapse over the last few weeks. i don't know. i preferred andrew's piece. 11% versus 89%. what do they have left in cash? a billion dollars? >> about half a billion right now. may go up after the holidays. >> george mcgovern was really behind -- he was behind him 1,000%. i'm sure that ackman is behind johnson 1,
this is a company that's now past the sandy cliff and is going to start benefiting from it. i find cliffs everywhere. and this is a good company that did great. >> i want to hear from you on jcpenney, cramer. he's very good. i thought, you know what? if he's got enough time, maybe it works. i don't know as you're bleeding. >> you have to look at it on a consolidated basis. 89% of it is hideous and terrible. 11% as we learned from andrew ross sorkin today is terrific. if you look at...
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Aug 16, 2012
08/12
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second place i think sandy let jamie go for just this reason, sandy's not a speculator and dimon is. >> can we go back to gekko for a minute? >> no. >> very different, we showed the clip, famous iconic speech, greed is good, 1987. this is coming the up in the presidential election, in are mr's bam mitt romney's background, but is greed good? is what mitt romney did good for the economy? do we want more of that? >> it's neither good nor bad. i did that and made money for myself and from my partners and so on. it was fine. i don't think it hurt anyone, but on the other hand, it's not particularly good either. it's a method. >> are you confusing greed with a profit incentive, seriously? are you questioning whether the profit incentive has been a positive force for good over the years? >> when mitt romney was at bain, the whole idea was let's streamline the companies, move the jobs overseas. >> greed means you're taking more, greed is a totally different things than a profit incentive. that's that he a low determinant, henry, you know that. >> gekko's point in the speech this is a fat, s
second place i think sandy let jamie go for just this reason, sandy's not a speculator and dimon is. >> can we go back to gekko for a minute? >> no. >> very different, we showed the clip, famous iconic speech, greed is good, 1987. this is coming the up in the presidential election, in are mr's bam mitt romney's background, but is greed good? is what mitt romney did good for the economy? do we want more of that? >> it's neither good nor bad. i did that and made money for...
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Nov 27, 2012
11/12
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he has unprecedentedly high approval rating. >> after sandy. and he says this is a job he feels leak he needs to continue. >> stanley wants him to stay. some other corporate news involving erickson. it's filed a lawsuit against samsung alleging patent infringement. ericcson says two years to trike a deal were unsuccessful. and an hp shareholder filed a lawsuit alleging the tech company's top executives misled investors about two key acquisitions that have caused billions of dollars in losses. the lawsuit alleges that hp management concealed the problems and another recent acquisition which we've talked about, electronic data, in an attempt to boost hp stock price. meantime in the "wall street journal," former employees, business partners and attorney attorneys say it's not difficult to conclude that the company autonomy's accounting was overly aggressive, they say such behavior tip filed autonomy long before hp bought it. and mike lynch says the company's culture was aggressive. >> they start off talking about how originally the ceo put up a si
he has unprecedentedly high approval rating. >> after sandy. and he says this is a job he feels leak he needs to continue. >> stanley wants him to stay. some other corporate news involving erickson. it's filed a lawsuit against samsung alleging patent infringement. ericcson says two years to trike a deal were unsuccessful. and an hp shareholder filed a lawsuit alleging the tech company's top executives misled investors about two key acquisitions that have caused billions of dollars...
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Nov 5, 2012
11/12
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we also have an update on sandy. millions in new york and new jersey are still without power as a result of superstorm sandy. this is creating problems at the gas pump as residents struggle to keep cars and generators fueled. for the first time in 30 years a gas rationing system is in effect now throughout 12 new jersey counties. we'll get an update on the fuel supply problems in a few minutes from john eichberger, director of motor fuels at the national association of convenience stores. let's get a quick check on the markets, ahead, 24 hours away from the elections here dow jones looks like it would open 34 points lower, s&p 500 off a little over four points and the nasdaq would be off about ten points. let's take a trip overseas to see what's going on in asia, a little bit down marginally except for korea. let's go over to europe, see how things are faring, red arrow across the board. almost down a percent in the cac in france. >>> stifel financial is buying kbw, the deal is valued in ex-et of $575 million which i
we also have an update on sandy. millions in new york and new jersey are still without power as a result of superstorm sandy. this is creating problems at the gas pump as residents struggle to keep cars and generators fueled. for the first time in 30 years a gas rationing system is in effect now throughout 12 new jersey counties. we'll get an update on the fuel supply problems in a few minutes from john eichberger, director of motor fuels at the national association of convenience stores. let's...
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Dec 13, 2012
12/12
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that's in the range. 400 we thought was sandy. and now going down below 350 i think some economists, you know what, maybe the job market is a little bit better than we expected. the real disconnect that's out there, andrew, is we've reduced capital spending but not hiring. >> right. >> usually those things work together when they cut cap-ex they also cut workers to go along with that. they seem to have cut cap-ex on maybe a temporary, i'm worried about the fiscal cliff basis, but kept their employees on board. that seems to be the case right now. and presents the possibility of making some progress. >> they come back with some more cap-ex then we've got a shot -- >> did we get rick to talk about the fed yesterday? time for a -- some wisdom from rick? >> i'm here. >> rick, so what did you make of that? do you understand what policy is now? before you tell me how much you disagree with it, i just want to know if you understand it. >> do you understand it? >> no, i don't. i don't. i wanted to see if we were simpatico on that story. >
that's in the range. 400 we thought was sandy. and now going down below 350 i think some economists, you know what, maybe the job market is a little bit better than we expected. the real disconnect that's out there, andrew, is we've reduced capital spending but not hiring. >> right. >> usually those things work together when they cut cap-ex they also cut workers to go along with that. they seem to have cut cap-ex on maybe a temporary, i'm worried about the fiscal cliff basis, but...
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Jul 26, 2012
07/12
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i totally agree with sandy. in fact his icba membership card is in the mail going to him as we speak. but, what his point was, is that the banks the banking system will not return to the stature it was until we get government intrusion out and the only way to do that is to separate the highest risk portion of the financial services sector from the commercial sector. >> does that mean we'll see a bold executive or bold bank decide to be the first mover? how does this happen? >> i think it will evolve. you could see it happen that way. congress and the regulators could pressure that type of reaction. in other words as the volcker rules, as more and more rules pile on it could for the ceos to take this action whether they wanted to or not. >> cam, steve liesman here, isn't dodd-frank for all the complaints about it designed to do just that, it makes it more expensive to be a big bank, it piles on more regulations, so i know you're a huge free market supporter but my question to you is sort of along the same lines,
i totally agree with sandy. in fact his icba membership card is in the mail going to him as we speak. but, what his point was, is that the banks the banking system will not return to the stature it was until we get government intrusion out and the only way to do that is to separate the highest risk portion of the financial services sector from the commercial sector. >> does that mean we'll see a bold executive or bold bank decide to be the first mover? how does this happen? >> i...
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Nov 2, 2012
11/12
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and putting a price on sandy. we'll talk to a long time insurance executive to get perspective on how the industry will handle all the damages and how you can even start to tally up the cost of all of this. right now as we head to a break, take a look at yesterday's winners and losers. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. he's, he's on my back about providing for his little girl. hey don't worry. e-trade's got a killer investing dashboard. everything is on one page. i'm watching you. oh yeah? well i'm watching you, watching him. [ male announcer ] try the e-trade 360 investing dashboard. >>> welcome back to "squawk b " box." we're two hours away from the release of the jobs report for october.
and putting a price on sandy. we'll talk to a long time insurance executive to get perspective on how the industry will handle all the damages and how you can even start to tally up the cost of all of this. right now as we head to a break, take a look at yesterday's winners and losers. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million...
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Dec 17, 2012
12/12
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they haven't addressed the aid for sandy. it's now been six weeks after sandy and nothing has been done on that front. >> the gears move slowly, but the aide for andy will pass. it's just a question of when they get it done. and, of course, because that involves additional spending, that factors into the debt limit in the fiscal cliff negotiations, as well. >> john, do you know what is available to the president administratively, not legislatively in terms of gun regulation? >> first of all, all the issues related to enforcement of existing laws. >> what mayor bloomberg said is it was illegal weapons at that point that he was talking about. >> 77,000 for seven lives of something. would the gun lobby argue for astringent background checks for mental illness? >> probably. it depends on how it's framed and how it's enforced. but, you know, they've taken a pretty doctrine-aire view towards opposing anything under the nose under the camel's tent. feinstein is now going to reintroduce that bill. she passed it in the clinton adminis
they haven't addressed the aid for sandy. it's now been six weeks after sandy and nothing has been done on that front. >> the gears move slowly, but the aide for andy will pass. it's just a question of when they get it done. and, of course, because that involves additional spending, that factors into the debt limit in the fiscal cliff negotiations, as well. >> john, do you know what is available to the president administratively, not legislatively in terms of gun regulation?...
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Nov 1, 2012
11/12
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the update from superstorm sandy. they always make us say that. >> i think there's confusion as to call it a hurricane or not. when you have the death toll rising like we've seen. >> you don't want to say things like that but the questions are whether it's a hurricane or not and new york the government is pushing back saying -- >> it was three storms or at least two. >> pushing back on the insurers saying you can't take these hurricane, the deductibles because this was not a hurricane when it hit new york shores. that's a big deal for a lot of home and businesses. >> wow. lot of time there's wind versus flood, they parse the difference. >> wind versus water. >> and some of the hurricane deductibles were 1% to 5% of the value of the home so that's he a big deal and issue. residents in new york city are without power, tensions are starting to run high. residents are struggling to fuel their cars and get to work. scott cohn joins us from lower manhattan. >> reporter: hi, becky. here we are in water street in the financia
the update from superstorm sandy. they always make us say that. >> i think there's confusion as to call it a hurricane or not. when you have the death toll rising like we've seen. >> you don't want to say things like that but the questions are whether it's a hurricane or not and new york the government is pushing back saying -- >> it was three storms or at least two. >> pushing back on the insurers saying you can't take these hurricane, the deductibles because this was...
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Nov 19, 2012
11/12
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distunks of the highest average price $4.18 a gallon, in large part because of the impact of superstorm sandy and if you could get gas there you'd be willing to pay much nor it. >>> the fifth and final "twilight" movie had $141 million in north american ticket sales its debut weekend wasn't the biggest in the series but it was the eighth largest domestic opening on record. joe? >>> we are talking this morning about what washington can do to avoid going over the fiscal cliff, and we're joined once again by our guest host jeremy siegel, finance professor at the wharton school in pennsylvania and jeremy, you're not a new normal guy. you think 3% to 4% is, we deserve that? don't you into ed to earn that somehow? you need to earn success. you think it just happens in this country? >> we grew in the '90s 3% to 4% and most of the post-war period. 3% to 4% from this high unemployment would be disappointing. normally we'd bounce back from recessions growing 5% to 6%. >> it doesn't matter who is in the white house or what policies they're pursuing. >> i think it matters but i don't think it's the overw
distunks of the highest average price $4.18 a gallon, in large part because of the impact of superstorm sandy and if you could get gas there you'd be willing to pay much nor it. >>> the fifth and final "twilight" movie had $141 million in north american ticket sales its debut weekend wasn't the biggest in the series but it was the eighth largest domestic opening on record. joe? >>> we are talking this morning about what washington can do to avoid going over the...
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Dec 6, 2012
12/12
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as soon as you get done figuring out, how much is sandy, how much is not sandy, we have to start dealing with the fiscal cliff so there's a shock behind us and a shock in front of us. so we're in limbo right now. and we're expecting a big effect from sandy in the friday number, especially in maybe the household survey, they moved the survey week back a week. because of an early thanksgiving. they do that -- so instead of it being the week of the 12th, it's the week of the 5th. >> so this number is going to tell us nothing tomorrow? > know there's going to be a lot of discussion about it. i'll stick to my guns, it's a 125 to 150 economy growth some of that could be sandy. i don't donknow if you want to k about that chart. this looks at the net effect acceptable. if 30% say it's acceptable and 20% say -- these are what we asked people. how many is that? that's five of eight different solutions. >> people say, yes, we're okay dealing with the fiscal cliff, if you raise taxes on those who make more than $250,000 and then you cap deductions, and virtually everything else is off the table. >>
as soon as you get done figuring out, how much is sandy, how much is not sandy, we have to start dealing with the fiscal cliff so there's a shock behind us and a shock in front of us. so we're in limbo right now. and we're expecting a big effect from sandy in the friday number, especially in maybe the household survey, they moved the survey week back a week. because of an early thanksgiving. they do that -- so instead of it being the week of the 12th, it's the week of the 5th. >> so this...
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Dec 11, 2012
12/12
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i don't know -- >> sandy didn't do it. >> i don't know how to make it any better. all right, time heals all wounds. hopefully next time we'll hear some better news from you. >> i hope so, too. thanks, joe, thanks andrew. >> maybe we'll get some better news right now. steve liesman joins us with the results there cnbc's latest fed survey. steve? can you make it any better? >> i don't know about that. what we have, andrew, is overwhelming support from our -- or expectation from our respondents, 48 respondents, economists, wall street strategists, and analysts, that the fed will replace twist with outright asset purchases. disagreement on how they'll do it and increasing concern about all these purchases and the effect on the market. let's start off with the disagreement about how they're going to do it. we asked people, will the fed purchase only treasuries when it replaces operation twist? or will it purchase treasuries and mortgages? you can see that they're about split on this. unclear what chairman bernanke is going to announce tomorrow. now, how about how much q
i don't know -- >> sandy didn't do it. >> i don't know how to make it any better. all right, time heals all wounds. hopefully next time we'll hear some better news from you. >> i hope so, too. thanks, joe, thanks andrew. >> maybe we'll get some better news right now. steve liesman joins us with the results there cnbc's latest fed survey. steve? can you make it any better? >> i don't know about that. what we have, andrew, is overwhelming support from our -- or...
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Jul 27, 2012
07/12
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>> i agree with sandy on that. i think dodd-frank had little to do with, if dodd-frank was in effect, the crisis still would have occurred, and it won't keep the next crisis from happening. there are so many things in there that have nothing to do with the crisis, and in fact, you know, the really crazy thing about dodd-frank is, let's face it, this crisis was caused by about a half a dozen investment banks and about two dozen s&ls. there's only one commercial bank that was involved in perpetrating this crisis, and yet 8,000 commercial banks are being reregulated for doing nothing wrong, and what we need to do is clean up the investment banking side of things and get the excessive proprietary trading and investments out of investment banks. there are no investment banks left. there's just boutiques and morgan stanley and goldman are basically banks today. so again we have three categories, hedge funds, which are unregulated, never be 30 times leverage because no one will lend to them at that level so that's mostly
>> i agree with sandy on that. i think dodd-frank had little to do with, if dodd-frank was in effect, the crisis still would have occurred, and it won't keep the next crisis from happening. there are so many things in there that have nothing to do with the crisis, and in fact, you know, the really crazy thing about dodd-frank is, let's face it, this crisis was caused by about a half a dozen investment banks and about two dozen s&ls. there's only one commercial bank that was involved...
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Dec 4, 2012
12/12
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of sandy jobless claims relative to katrina. if we don't have that chart -- there it is, great. it goes up and now we're in the down. it may pop back. but the trouble is that the big surge there is probably in the week of -- or is going to affect the week of the employment survey. >> the last week. >> and now, guys, if you have the next one back there, i don't know if you have it, you can see there what we show there is we're looking for only 80,000 jobs on friday. 95 in the private sector. that's a big jobs -- it might be hurricane related, but it could also be cliff related. there's these two things just backing up what joe said, folks, we've got enough to worry about without the stuff that we could probably fix and move on, there's enough going on. you can see that we're going to be substantially below the six-month average that we've been running there. and that shows that, you know, we were not robust to begin with, and this is why guys at the fed are concerned about things like this. if you're going 3% or 4% gdp, you have
of sandy jobless claims relative to katrina. if we don't have that chart -- there it is, great. it goes up and now we're in the down. it may pop back. but the trouble is that the big surge there is probably in the week of -- or is going to affect the week of the employment survey. >> the last week. >> and now, guys, if you have the next one back there, i don't know if you have it, you can see there what we show there is we're looking for only 80,000 jobs on friday. 95 in the private...
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Sep 28, 2012
09/12
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. >> we've had a number of bank ceos come on recently including sandy wile and phil percell more recently to say break up the banks. you take the opposite side of that. >> i don't know that i take the opposite side of that, but what are we going to replace the big banks with? you can't have the attitude of let's smash it to pieces without here's where we're going and my complaint about our policy toward the big banks since the financial crisis, look, we saved them after the financial crisis and since then there's been a slew of new rules and regulations. i think jamie dimon complained that no one has measured the impact of all of these rules and regulations. i think he's right when he says that and i don't see that anybody has stepped back and said, okay, we need a functioning financial system to have a functioning economy, what sort of financial system best fits a modern economy? what do we want? what works for us to make our economy as strong as possible? so, when i hear break up the banks without replacement them with what i'm a little skeptical. >> do you have answers to any of those
. >> we've had a number of bank ceos come on recently including sandy wile and phil percell more recently to say break up the banks. you take the opposite side of that. >> i don't know that i take the opposite side of that, but what are we going to replace the big banks with? you can't have the attitude of let's smash it to pieces without here's where we're going and my complaint about our policy toward the big banks since the financial crisis, look, we saved them after the...
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Oct 29, 2012
10/12
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>> no, we better talk sandy i think. >> okay. sandy effect on the vote is entirely speculative. there are a lot of people yakking about it, but mostly making stuff up. i'll go to a couple things. first of all, obama is believed to have a somewhat more extensive ground game, he has more people on the ground. so in theory, he has more to disrupt. the president's schedule has him doing more events that will have to be canceled than romney. on the other hand, because romney is down a field goal and needs something to happen, the idea that sandy could flereeze things in place for a few days is not necessarily good for him because he had momentum after the first debate. the momentum seems to have died out. it's left him in a very competitive position. he could win the election. but he may need a little bit of push by the end. and then the other thing that people talk about is the idea that president obama can showrd shal leadership and he's helping people, using fema and other tools of the administration. i'm kind of skeptical of that because i think people understand that that's a pr
>> no, we better talk sandy i think. >> okay. sandy effect on the vote is entirely speculative. there are a lot of people yakking about it, but mostly making stuff up. i'll go to a couple things. first of all, obama is believed to have a somewhat more extensive ground game, he has more people on the ground. so in theory, he has more to disrupt. the president's schedule has him doing more events that will have to be canceled than romney. on the other hand, because romney is down a...
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Nov 9, 2012
11/12
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. >>> flight stats reports that more than 20,000 flights were canceled due to sandy. as a result, analysts projecting the storm could knock upwards of $200 million off of airlines bottom lines and that could mean a further dip for the global airline industry as profits are already expected to be down more than 50% year over year. that's according to the international air transport association. for more on business travel new, head to to roadwarrior.cnbc.com. . up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels,
. >>> flight stats reports that more than 20,000 flights were canceled due to sandy. as a result, analysts projecting the storm could knock upwards of $200 million off of airlines bottom lines and that could mean a further dip for the global airline industry as profits are already expected to be down more than 50% year over year. that's according to the international air transport association. for more on business travel new, head to to roadwarrior.cnbc.com. . up. a short word that's a...
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Nov 6, 2012
11/12
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so with have the air mattresses because of sandy and we might as well keep them. >> it will very likely be a long night by just about any count. not expect to go have a proce i projected winner by 7:00 p.m. >> you can take part following our coverage on twitter,@cnbc 2012. >> let's get a check on the markets. yesterday you did see the dow close hire by about 19 points. this morning the futures are indicated higher once again. right now dow futures up by about 43 points. s&p 500 futures and nasdaq slightly higher, as well. and it's the same story in europe. we have seen modest gains there through the course of the morning. right now you see that in france, the cac up by about 0.7%. and germany, the dax up by 5.6%. same story with the ftse in london. in asia, the nikkei closed down modestly by about a third of a percentage point. you saw modest declines in honk c congre kong and shanghai. still very long gasoline lines in new jersey and new york where it's very difficult to get any gas at all. you can see right now that wti is up about 49 cents to $86.14. the ten year, interesting to watc
so with have the air mattresses because of sandy and we might as well keep them. >> it will very likely be a long night by just about any count. not expect to go have a proce i projected winner by 7:00 p.m. >> you can take part following our coverage on twitter,@cnbc 2012. >> let's get a check on the markets. yesterday you did see the dow close hire by about 19 points. this morning the futures are indicated higher once again. right now dow futures up by about 43 points....
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Mar 19, 2012
03/12
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that they were not willfully blind to the fraud and they're expected to call dodgers hall of famer sandy koufax to the stand. it was wilpon who got koufax to invest with madoff. madoff has harrington on his side, who supposedly cold katz that the returns were too good to be true. madoff returns were used to fund wilpon and katz' 401(k) program for their real estate company they own. picard alleges the mets owners used guarantee madoff return to earn more when deferring player compensation or to avoid playing disability policy premiums. steve phillips once admitted in the 13 years he was with the team, he heard madoff's team every single week but picard has yet to demonstrate a clear red flag and many wonder if he'll produce that. madoff told the "new york times" if you're going to trust him that the mets own deers did not know of the fraud. there still could be a s settlement in the next couple hours. the mets owners raised some money, seven investors, six of them were from themselves and one was stevie cohen,s hedge fund mogul, the leading bidder for the dodgers in is complicated going
that they were not willfully blind to the fraud and they're expected to call dodgers hall of famer sandy koufax to the stand. it was wilpon who got koufax to invest with madoff. madoff has harrington on his side, who supposedly cold katz that the returns were too good to be true. madoff returns were used to fund wilpon and katz' 401(k) program for their real estate company they own. picard alleges the mets owners used guarantee madoff return to earn more when deferring player compensation or to...
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Oct 25, 2012
10/12
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sandy is impacting cuba right now. sustained winds at 105 miles an hour. so it's a category 2 hurricane moving to the north at 18 miles an hour. it made its landfall here second landfall actually in cuba late into the overnight showers. and you can see it has weakened a bit. those deeper purples is indicating where we have some of the stronger winds as well as the intense rain. those have disappeared a bit. so there was a slight weakening, but as it emerges back over the open waters, we could be talking about a strengthening here. it's a rather large system. look at the clouds stretching all the way now even into south florida. so we'll watch these areas pick up in the rain and wind department. for today through the early weekend, effects will be felt here along the coast of florida with gusty winds and rain, waves will be penning up, and certainly the rip current risk will be high heading into the waters will not be recommended. so the projected path of sandy has we head through time, maintaining that category 2 status and then maybe weakening over the ba
sandy is impacting cuba right now. sustained winds at 105 miles an hour. so it's a category 2 hurricane moving to the north at 18 miles an hour. it made its landfall here second landfall actually in cuba late into the overnight showers. and you can see it has weakened a bit. those deeper purples is indicating where we have some of the stronger winds as well as the intense rain. those have disappeared a bit. so there was a slight weakening, but as it emerges back over the open waters, we could...
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Nov 21, 2012
11/12
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this is the hangover effect from hurricane sandy, superstorm sandy. all of the rental car companies, they're gone. they're spoken for. all of the cars. so as a result, if you or somebody who is making last-minute plans and said, well, i'm going to rent a car. good luck, you're not going to be able to get one in the new york/new jersey area and a good chunk of the northeast. >> look for a car pool. how long is that expected to last, phil? >> well, this is what we usually see around thanksgiving. and all of the holidays, you see all the rental car companies, for the most part, not completely sold out, but they fill up. and this year because of sandy, they are sold out. one interesting note, an increase in the number of people taking buses and trains this year in part because of what we're seeing with the rental car companies. >> thank you. we'll check in with you later. >> it's good for tires. >> it is good for tires. you like that. >> well, i like pep boys. >> do you have some? >> i bought it. >> do you have music? >> do we have music? that's it, that'
this is the hangover effect from hurricane sandy, superstorm sandy. all of the rental car companies, they're gone. they're spoken for. all of the cars. so as a result, if you or somebody who is making last-minute plans and said, well, i'm going to rent a car. good luck, you're not going to be able to get one in the new york/new jersey area and a good chunk of the northeast. >> look for a car pool. how long is that expected to last, phil? >> well, this is what we usually see around...
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Aug 2, 2012
08/12
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good to be with you. >> you were out talking about this before sandy weill said this. you had an op-ed in june in the wall street journal. why do you think the banks should be broken up? it's different from sandy's line reasoning. >> yes. i have the perspective of the fdic. you need to break this will up by lines of business and the effects will be greater competition, for example. greater accountability of the institutions and, very importantly, i think it will begin to rationalize the use of federal deposit insurance and the government's guarantee behind these institutions so that we can fine it to what it was originally intended for and that's protection of the safety net and the intermediation process that goes on in commercial banks. i think our proposal that i put out addresses issues of the shadow banking industry. the proposal is forward-looking and i think the effects will be beneficial. in an important sense, i think, spur new activity and wall street and in the united states. so i'm very strongly supportive of not cutting them by size. >> the first of which
good to be with you. >> you were out talking about this before sandy weill said this. you had an op-ed in june in the wall street journal. why do you think the banks should be broken up? it's different from sandy's line reasoning. >> yes. i have the perspective of the fdic. you need to break this will up by lines of business and the effects will be greater competition, for example. greater accountability of the institutions and, very importantly, i think it will begin to rationalize...
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Nov 23, 2012
11/12
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the only thing i'm seeing is maybe sandy gives a little boost. everybody is still in that 1% to 1.5% range. maybe the market get excited on revision of third quarter but i suggest it shouldn't if fourth quarter will be a 1.5% economy. >> i tell you what, if we get a 2.8 revision, i would venture to say you'll see at least a 7 to 10 basis point move in a ten-year note yield. whether it lasts or not is a big deal. it's worth 7 to 10 basis points if you -- >> jim, chime into this. we know this revision is coming because we've had the other reports that have told us the missing pieces we had from third quarter as it was printed. it should not be a surprise to the market. as we all know, sometimes the market doesn't know what it should know and it gets excited about things it ought to have known. >> the thing that struck me in the conversation is to me when you think of 2.8% gdp, that sounds so fantastic considering what we're used to. realistically, it's sluggish. whether 2.8 or 2.2, we expect the fed to be involved because they told us they need bet
the only thing i'm seeing is maybe sandy gives a little boost. everybody is still in that 1% to 1.5% range. maybe the market get excited on revision of third quarter but i suggest it shouldn't if fourth quarter will be a 1.5% economy. >> i tell you what, if we get a 2.8 revision, i would venture to say you'll see at least a 7 to 10 basis point move in a ten-year note yield. whether it lasts or not is a big deal. it's worth 7 to 10 basis points if you -- >> jim, chime into this. we...
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Dec 3, 2012
12/12
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some of that is attribute knowledge to superstorm sandy. an estimated quarter million vex were destroyed. those numbers will be out this morning. it would only say that it is speaking to, quote, interested parties. but delta air lines is involved in those sdgzs. virgin is the second largest airline at heath row. >>> and lenny dykstra will be sentenced today. he was found to have hidden and stole sports memorabilia other items that were supposed to be part of a bankruptcy filing. >>> the game of political chicken, we were looking to rise above the partisan politics and trying to get something done. david walker, ceo of the america comeback initiative, steve mcmahon, co-founder of purple strategies, you guys have been on for a while and we've talked about a lot of things. steve, just 1:30 ag ago, you made a point talking about the bush tax cuts. and i said the tax cuts have been near and dear and you said at least bush was smart enough to know that we couldn't afford them so they were sunseted. >> so they were sunseted. >> that may happen. in
some of that is attribute knowledge to superstorm sandy. an estimated quarter million vex were destroyed. those numbers will be out this morning. it would only say that it is speaking to, quote, interested parties. but delta air lines is involved in those sdgzs. virgin is the second largest airline at heath row. >>> and lenny dykstra will be sentenced today. he was found to have hidden and stole sports memorabilia other items that were supposed to be part of a bankruptcy filing....
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Oct 22, 2012
10/12
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but look, sandy weill bought west 15. this 2007, he sold it now for $88 million and he call immediate up the other day and said, listen, you're always on cnbc. tell joe there is a condo for sale $95 million. so if you want to pay it, you're welcome. >> if he give me the mortgage. >> marc, thank you very much. >> my pleasure. >>> when we come back, the drop at the pump. and then later this week, don't miss warren buffett, he'll be live for two hours 7:00 to 9:00 eastern wednesday. >>> coming up rkt a new nbc news/"wall street journal" poll, pluls greg smith takes his complaints about his former employer public. again. [ horn honks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manage their finance processing. so they
but look, sandy weill bought west 15. this 2007, he sold it now for $88 million and he call immediate up the other day and said, listen, you're always on cnbc. tell joe there is a condo for sale $95 million. so if you want to pay it, you're welcome. >> if he give me the mortgage. >> marc, thank you very much. >> my pleasure. >>> when we come back, the drop at the pump. and then later this week, don't miss warren buffett, he'll be live for two hours 7:00 to 9:00...
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Aug 7, 2012
08/12
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>> well, sandy's worried about safety and soundness, i think, and in sandy's day -- >> do you? because he was arguing, i thought he was arguing at some level this was about the profit incentive, he was suggesting that banks would do better, the share price of these banks would do better if they were broken up. >> i'm not sure about that, but i think the issue is safety and soundness. as a country, our first issue is safety and soundness so the idea that you would set up another investment bank without any core funding and we have another bear stearns or we have another lehman brothers. those were liquidity issues. it wasn't they didn't have capital. they had no liquidity and went under. >> what's your price percentage of book? >> we're trading at about book. >> these guys come on and talk about the firms trading at half book or 6/10 book. if the model doesn't reward shareholders and you go back to the normal business of banking maybe you traded book or over book and that's why they're saying it would be good for everybody if people did this. >> i'm not sure it's that simple. i'
>> well, sandy's worried about safety and soundness, i think, and in sandy's day -- >> do you? because he was arguing, i thought he was arguing at some level this was about the profit incentive, he was suggesting that banks would do better, the share price of these banks would do better if they were broken up. >> i'm not sure about that, but i think the issue is safety and soundness. as a country, our first issue is safety and soundness so the idea that you would set up...
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Nov 20, 2012
11/12
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economists are expecting a 4.2% drop and a report likely impacted by superstorm sandy. fed chairman ben bernanke is talking about the economic recovery today, we hope so. he'll have our lunch time address the economic club of new york and that starts at 12:45 eastern. >> harold ford jr., reasonable and good friend, joe watkins, white house aide to former president george h.w. bush. >> you didn't say he's reasonable. >> joe is right, but harold has potential. >> joe and i have known each other for almost 20 years, go back to university of pennsylvania, but joe and i have been friends for a long time. >> you'with you we'll talk fisc cliff in a second but you want to do a postmortem? >> you can't win without women, and can't win without latinos, you can't win without young people. you can't win on a single issue, and i just think there were a host of challenges. for me, the whole time, the sense that i had was that it was obama's race to lose, that he had the advantage. anybody look at the electoral college would have to say there were seven or eight easy ways for the pres
economists are expecting a 4.2% drop and a report likely impacted by superstorm sandy. fed chairman ben bernanke is talking about the economic recovery today, we hope so. he'll have our lunch time address the economic club of new york and that starts at 12:45 eastern. >> harold ford jr., reasonable and good friend, joe watkins, white house aide to former president george h.w. bush. >> you didn't say he's reasonable. >> joe is right, but harold has potential. >> joe and i...
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Aug 1, 2012
08/12
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he talks about sandy weill in today's "new york times" says when sandy decided to split up the bank he said it's as if j john d. rockefeller proposed the breakup of standard oil and he goes after him and it's vicious. given that he's been a member of the obama administration, given that he's been on the democratic side of this, the fact that he's not pushing harder, he's probably in some way in the tim geithner camp on sort of the volcker rule and some of these issues. >> right. so it's coming not only from the right on this but on the left. >> on the left. when you think about how this debate ultimately unfolds zip s -- >> i saw the news with sandy. i haven't thought about this. i watched sandy build shearson and he was held in very high esteem in the 80s and i know what happened at citigroup and i know how it turned out but he's a very talented executive. didn't turn out well. >> even the association doesn't agree with his standpoint on this but they say he's somebody you have to listen to. >> i give him credit for being willing to change his mind, even if he's not necessarily sugges
he talks about sandy weill in today's "new york times" says when sandy decided to split up the bank he said it's as if j john d. rockefeller proposed the breakup of standard oil and he goes after him and it's vicious. given that he's been a member of the obama administration, given that he's been on the democratic side of this, the fact that he's not pushing harder, he's probably in some way in the tim geithner camp on sort of the volcker rule and some of these issues. >> right....
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Jun 1, 2012
06/12
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our usual list of characters, the two guys that look alike, goolsbee and sandy. we're in washington, d.c. when you get a shot of becky, you'll see that's not fake -- >> no, it's real. >> of becky or the capital. we'll bring you the closely watched may employment report. poll forecasters say the economy likely added 155,000 jobs last month. that has come down, the estimates have, with the adp number and other data points we've seen. it is up at least from 150,000 which was a paltry number we saw in april. the unemployment rate, which is i think actually prohibited from going up here between now and november seen holding steady -- >> blah, blah, blah. >> -- at 8.1%. our panel of experts is ready to give their final predictions but first our morning headlines. >> the futures have come under quite a bit of pressure this morning. this after new numbers from china showing weakness in demand for chinese products. that's started things and then we have all these concerns still about europe. right now you can see our futures are down by 108 points, the s&p off by over 15
our usual list of characters, the two guys that look alike, goolsbee and sandy. we're in washington, d.c. when you get a shot of becky, you'll see that's not fake -- >> no, it's real. >> of becky or the capital. we'll bring you the closely watched may employment report. poll forecasters say the economy likely added 155,000 jobs last month. that has come down, the estimates have, with the adp number and other data points we've seen. it is up at least from 150,000 which was a paltry...
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Oct 26, 2012
10/12
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hurricane sandy headed for new jersey. how do they know it's -- it's such a small -- >> they've changed it. last night they were thinking right for new jersey. it's widened out since then. it could go miles per hour from de anywhere from delaware to cape cod. >> hurricane sandy on track to strike the east coast. alex, you've been doing this a while. in terms of -- how much can we really know? it's just probabilities at this point. i don't immediate need to put t windows up just yet, do i? >> it's more a situation of being alert and being aware that this system is out there. because at this point, it's looking more and more likely that there will be some impacts. just a matter of exactly where at this point. but let's show you what's going on with it. right now 80 miles an hour sustained winds. moving to the northwest at 13 miles an hour. moving right now through the bahamas. the center of the circulation is right about in there. so most of the nasty weather is on the northern end of the system out over most of the open wat
hurricane sandy headed for new jersey. how do they know it's -- it's such a small -- >> they've changed it. last night they were thinking right for new jersey. it's widened out since then. it could go miles per hour from de anywhere from delaware to cape cod. >> hurricane sandy on track to strike the east coast. alex, you've been doing this a while. in terms of -- how much can we really know? it's just probabilities at this point. i don't immediate need to put t windows up just yet,...
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Dec 19, 2012
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we will look for guidance. >> sandy had an impact by 11 cents a share and reduced shipment volumes and incremental operating costs. >> the new guidance quarter is below the high end. it backs fiscal earnings per share 6620 to 660! that's in between. what's the stock doing right now, can we tell? not much. >> they said operating income for the quarter improved in fedex freight and ground because of increased volumes and higher yields. persistent weakness in the global economy and increased demand for yielding limited the profits at fedex express. a couple deficit situations adding up. superstorm sandy, i didn't realize they would have that kind of impact on the company. 11 cents a share because of that. >> for the next quarter a little below. for the year, it looks pretty good. i don't imagine people would be saying, wow, the company is negative about the fiscal cliff. >> oracle's numbers yesterday were pretty -- >> right. excellent. we'll keep an eye on it at this point. we will talk to an analyst. >> we will talk to bart in a couple minutes. >> we'll have an mcco in. >>> in the headli
we will look for guidance. >> sandy had an impact by 11 cents a share and reduced shipment volumes and incremental operating costs. >> the new guidance quarter is below the high end. it backs fiscal earnings per share 6620 to 660! that's in between. what's the stock doing right now, can we tell? not much. >> they said operating income for the quarter improved in fedex freight and ground because of increased volumes and higher yields. persistent weakness in the global economy...
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Dec 10, 2012
12/12
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some of that is sandy. you can't disentangle it. i'm sure it would have been better if it weren't for the uncertainty. we saw how bad it was in the summer of '11 and it will be the same now. >> i very much agree with ian on this point, that the uncertainty is associated with the fiscal cliff is at least a percentage point on the fourth quarter. and could be more than that. it's just a lurking weight on the business sector. and if we are going to get this growth, i think we've got to have a little bit more certainty on taxes, on regulation, and the trajectory of fiscal policy going forward. >> what i hear you both saying, though, and you're talking about spending issue, and not worrying so much about that, but i also hear you saying it would be a big mistake to raise taxes. >> absolutely. yeah. >> but the top 2%, is that the least deleterious people to raise it on? >> yeah, it would be. but right now i'd prefer not to raise taxes on anybody. but if you're going to do it, then the people at the lowest propensity to consume -- >> you d
some of that is sandy. you can't disentangle it. i'm sure it would have been better if it weren't for the uncertainty. we saw how bad it was in the summer of '11 and it will be the same now. >> i very much agree with ian on this point, that the uncertainty is associated with the fiscal cliff is at least a percentage point on the fourth quarter. and could be more than that. it's just a lurking weight on the business sector. and if we are going to get this growth, i think we've got to have...
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Nov 28, 2012
11/12
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sandy caused an estimated $71 billion in damage in new york and new jersey. in the bakers union at hostess brands is asking a bankruptcy judge to appoint a trustee to oversee the company's liquidation. the union's objecting to allowing current management to be in charge of the wind down. liquidating after being unable to resolve an issue. >>> and power ball fever spreading across the u.s. go out and get the ticket. the jackpot for tonight's drawing is up to a record $500 million. and that payout is likely to grow thanks to a ticket-buying frenzy of which i may be apart of when the show is over. >> i have mine already. got them yesterday. >>> president obama's meeting with high-profile chief executive officers to talk about the country's fiscal issues. john harwood in washington with more. and john, certainly seems like the pressure is rising to maybe reach some sort of a deal. my question, the ceos headed there today, are they firmly in the president's camp on this? or trying to push both sides to reach some agreement? >> i think they're trying to push both s
sandy caused an estimated $71 billion in damage in new york and new jersey. in the bakers union at hostess brands is asking a bankruptcy judge to appoint a trustee to oversee the company's liquidation. the union's objecting to allowing current management to be in charge of the wind down. liquidating after being unable to resolve an issue. >>> and power ball fever spreading across the u.s. go out and get the ticket. the jackpot for tonight's drawing is up to a record $500 million. and...
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May 4, 2012
05/12
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. >> sandy is lower, too. >> i was dead wrong last month. i was right the madeor. did you see louf green? we won. >> i know that's. nas why i'm saying it. >> why would you -- >> because i read it yesterday. never debt go to the pam. wein drawn by lou greening. i that's what he finally brought sktor. louis alexander, bhanageing director, chief economist at wol more ot ra. you're looking for 195 and lieu breen is looking for 100. is he a slap around uncertainty. you have a lot of things pushing in different directions. i think the weather story has been overdone. if you look at this evenings look claim, but it's a pretty moderate slowdown. we had dropped growth of average 250,000 for the three months into february and we ratcheted down below that but i don't think -- i think going all the way down to a hundred is way too car. >> who was is the other guy, 60 minutes? an why is this lou so wrong? >> i think the anomaly was the throw months. six priers prior to january, february data, the annual was best 120. then the reports in northern states for things like good prod
. >> sandy is lower, too. >> i was dead wrong last month. i was right the madeor. did you see louf green? we won. >> i know that's. nas why i'm saying it. >> why would you -- >> because i read it yesterday. never debt go to the pam. wein drawn by lou greening. i that's what he finally brought sktor. louis alexander, bhanageing director, chief economist at wol more ot ra. you're looking for 195 and lieu breen is looking for 100. is he a slap around uncertainty. you...
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Aug 21, 2012
08/12
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he made those comments last month after his appearance on cnbc opinion sandy wile made his comment that banks should be broken up. it caught us by surprise in a very big way. in an interview, he said citi is back to the basics of banking. citi has sold most of the units from the 1998 merger of citi group and travellers. citi is now set to garner its business from emerging markets. >> do you want a story that makes you feel old this morning? even you, andrew. this is a story that will make you feel old. ready? >> not so much. >> this is something we think about every year. the college class of 2016 how do they see life, what do they think about things that affect businesses and economies down the road. those answers and many other are part of this. among other things college freshmen don't use radios for maybe in the car. they do watch tv but not on television sets. these are people watching over computers. they just expect women will be appointed to top corporate positions and they wonder why this trend took so long. they watched hillary clinton today. if you say the words twilight zone
he made those comments last month after his appearance on cnbc opinion sandy wile made his comment that banks should be broken up. it caught us by surprise in a very big way. in an interview, he said citi is back to the basics of banking. citi has sold most of the units from the 1998 merger of citi group and travellers. citi is now set to garner its business from emerging markets. >> do you want a story that makes you feel old this morning? even you, andrew. this is a story that will make...
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Aug 23, 2012
08/12
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. >>> former citigroup chief and banking legend sandy weill caused quite a stir on "squawk box" last month when he said he thought the big supermarket banks that he created the model for should be broken up. today, william harryson, the man behind the merger that created jpmorgan chase back in the year 2000 wrote an op. ed in the "new york times" defending the big banks, things like the combination of commercial and investment banking he said is unnatural, that the banking giants, he takes on the idea the banking giants caused the financial crisis in the first place and that the large financial institutions are too complex to manage. harrison argues it would hurt customers, clients and the broader economy and inject new risks into the financial system if the banks break up. we have a new guest who can talk about all of these things, st. louis fed president jim bullard. jim your thoughts on this, is that the big banks should be broken up. >> yeah, i support my colleague, richard fisher, on this one, and my former colleague, tom hanig who argued these banks are too b big, i'm not again
. >>> former citigroup chief and banking legend sandy weill caused quite a stir on "squawk box" last month when he said he thought the big supermarket banks that he created the model for should be broken up. today, william harryson, the man behind the merger that created jpmorgan chase back in the year 2000 wrote an op. ed in the "new york times" defending the big banks, things like the combination of commercial and investment banking he said is unnatural, that the...
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Jul 30, 2012
07/12
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sandy weill was on last week, talked about breaking up the big banks. you own a bank. you've been in the business. do you think he's wrong? do you think he's right? >> on glass/steagall, it actually did more than just separate commercial and industrial banks. when it was set up in 1933, this constraint was one that dealt with u.s. banks that were relatively small in times. now we have to worry about our global competitive position. we should make sure we don't hurt our global competitive position. >> therefore, he's wrong? >> well, he didn't say what he actually would do if he was a legislator. but lehman brothers wasn't a bank, bear stearns wasn't a bank, aig wasn't a bank. it needs some study. but i wouldn't rush into making this change. >> you're not ready to make a change just yet. we talk about flans philanthropy. you guys gave some money to the washington monument to save the washington monument. people talk about the selling of america, that we're selling lots of pieces of infrastructure, big monuments and relying on private money to do it. >> in terms of infras
sandy weill was on last week, talked about breaking up the big banks. you own a bank. you've been in the business. do you think he's wrong? do you think he's right? >> on glass/steagall, it actually did more than just separate commercial and industrial banks. when it was set up in 1933, this constraint was one that dealt with u.s. banks that were relatively small in times. now we have to worry about our global competitive position. we should make sure we don't hurt our global competitive...
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Sep 10, 2012
09/12
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if that argument holds as much water as i think you and people like sandy and phil purcell think, why has jamie dimon and victor moynihan not pursued that? >> i think they should. they should have robust discussions with their boards and shareholders and at least do the analysis and determine whether they would be worth more in pieces than they are in very one large complex financial institutionses. obviously chase's stock does better than b of a or citi. shareholders need to look at that but i would very much like the market to drive this. one of the things government can do is try to force simplification of their legal structures, some type of s subsidiarization models. that would make it easier for shareholders to see how it could be broken up. >> they say it is a, too complicated to break them up. >> right. >> they say how would do you it and b, bill harrison was on cnbc last week and said this is what the client wants. you don't buy that. >> well, i don't. first of all they're complex legal structures, we all say we break them up and that's easy to say but getting from point "a"
if that argument holds as much water as i think you and people like sandy and phil purcell think, why has jamie dimon and victor moynihan not pursued that? >> i think they should. they should have robust discussions with their boards and shareholders and at least do the analysis and determine whether they would be worth more in pieces than they are in very one large complex financial institutionses. obviously chase's stock does better than b of a or citi. shareholders need to look at that...
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Sep 6, 2012
09/12
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., i'm not talking about west 15 where sandy sold his condo for 8 millio8 million. i'm talking about real estate in georgia, nevada, that real estate is relatively inexpensive on an international scale. you have a house, eventually you keep that house unless you borrow too much money, but that is the problem. equity. equity. >> go ahead. sorry. >> mcdonald's will still be around no matter what crisis will happen in the world. johnson & johnson will still be around. procter & gamble as well as the european blue chip companies and asian blue chip companies. i'm not sure that sovereign bonds will still be around. that is another issue. >> the rule of law to protect our land, i see what you're saying now. so the financial collapse really means a huge devaluation of all of our purchasing power for all currencies, but that could still be maintained. some value would be maintained in equities? >> yes. >> you would have to assume there's a stock exchange to sell it to someone else. rule of law, you won't need people guarding your property. i've seen too many movies, marc, l
., i'm not talking about west 15 where sandy sold his condo for 8 millio8 million. i'm talking about real estate in georgia, nevada, that real estate is relatively inexpensive on an international scale. you have a house, eventually you keep that house unless you borrow too much money, but that is the problem. equity. equity. >> go ahead. sorry. >> mcdonald's will still be around no matter what crisis will happen in the world. johnson & johnson will still be around. procter &...
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Jul 18, 2012
07/12
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you've heard this from sandy as greg mentioned and you heard it from bernanke yesterday. the economy has to pick up steam, unemployment has to start coming down again. in my mind that's the only way they don't do more. bernanke made very clear yesterday that the status quo, 2%, sub-2% growth and no improvement on unemployment is unacceptable for them, and that's what we're getting. we have to see much better numbers for them not to do something. >> joe, i want to underscore what john is saying and talk about how to read this chairman. there was a lot of commentary right after the speech came out about how he failed to list what the fed was going to do, didn't say definitively that there was easing. i think people are missing the point. with a chairman who is not going to front run his competent, which i think bernanke has shown he will do or won't do compared to greenspan who would drop bombs. with greenspan it was a binary thing, yes or no. that's not true with bernanke. people need to listen to the forecast. the forecast tells what actions to take. when he downgrades th
you've heard this from sandy as greg mentioned and you heard it from bernanke yesterday. the economy has to pick up steam, unemployment has to start coming down again. in my mind that's the only way they don't do more. bernanke made very clear yesterday that the status quo, 2%, sub-2% growth and no improvement on unemployment is unacceptable for them, and that's what we're getting. we have to see much better numbers for them not to do something. >> joe, i want to underscore what john is...
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Jul 24, 2012
07/12
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the guest host is sandy wilde, former chairman and ceo of citi group. don't miss "squawkbox" starting tomorrow at 6:00 a.m. eastern. to find you a great deal, even if it's not with us. [ ding ] oh, that's helpful! well, our company does that, too. actually, we invented that. it's like a sauna in here. helping you save, even if it's not with us -- now, that's progressive! call or click today. no mas pantalones! with the idea of hybrid technology... it's already ingrained in our dna. during the golden opportunity sales event, get great values on some of our newest models. this is the pursuit of perfection. this is new york state. we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well today, there's a new new york state. one that's working to attract businesses and create jobs. a place where innovation meets determination... and businesses lead the world. the new new york works for business. find out how it can work for yours at thenewny.com. last season was the gulf's best tourism seaso
the guest host is sandy wilde, former chairman and ceo of citi group. don't miss "squawkbox" starting tomorrow at 6:00 a.m. eastern. to find you a great deal, even if it's not with us. [ ding ] oh, that's helpful! well, our company does that, too. actually, we invented that. it's like a sauna in here. helping you save, even if it's not with us -- now, that's progressive! call or click today. no mas pantalones! with the idea of hybrid technology... it's already ingrained in our dna....